CSS, in co-operation with Federated Co-operatives Limited (FCL) and the Co-op Refinery Complex (CRC; formerly known as Consumers’ Co-operative Refineries Limited, or CCRL), is very pleased to report that CSS has been entrusted with administering, and managing the investments for, the CCRL Petroleum Employees’ Pension Plan (the CCRL Pension Plan).
This co-operation amongst co-operatives has led to a significant win-win for CSS and its members, FCL/CRC, and the members currently earning service in and receiving retirement income from the CCRL Pension Plan.
The increase in assets being managed has led to a reduction in asset management fees for CSS’ defined contribution pension plan benefiting all CSS members while the outsourcing of the administration and investment management for the CCRL Pension Plan allows FCL/CRC to focus on their core business. The members of the CCRL Pension Plan gain access to CSS’ retirement income planning and other member services.
This collaboration is a great example of the innovation and member benefits that can be achieved when co-operatives work together with the members’ best interests in focus.
From left: Brent Godson, Director, Investments and Financial Management at CSS Pension Plan; Kelly Thompson, former Associate Vice‑President Finance and Risk Management at FCL; Martin McInnis, Executive Director at CSS Pension Plan; Heather Ryan, CEO at FCL; Ron Healey, Vice President, Energy and Ag at FCL; Tony Van Burgsteden, Vice-President of Finance at FCL ; Tami Dove, Director, Member Experience at CSS Pension Plan.
Article from the Fall/Winter 2023 issue of TimeWise.